Despite the increase in energy prices, the Keystone Pipeline would not have alleviated the strain.

Kristi Noem, the South Dakota governor, has been advocating for America's energy independence through tweets.

President Joe Biden is being criticized by her for stopping the completion of the Keystone XL pipeline, which she claims is preventing America from achieving energy independence.

Some 830,000 barrels of oil were anticipated to be transported daily from Canada to the U.S. via the pipeline.

If only the cancellation of that project was the only reason for the increase in energy costs at home and abroad.

There is a high chance that energy prices will remain high for an extended period.

An array of drivers behind the price

Until the war in Ukraine ends and pandemic-related supply chain issues are resolved, both U.S. and non-U.S. producers will continue to pump and deliver significantly more energy products to a world that relies heavily on fossil fuels.

Energy stocks have been the top-performing sector since 2021, and they may remain so for some time, particularly those with strong dividends, clean financials, and minimal exposure to Russia.

In 2014, Saudi Arabia perceived America's rise as the world's largest energy producer as a threat to its dominance in the oil-producing industry.

Despite protests from other OPEC members, the Saudis chose to increase oil production and reduce prices from a 2014 high of over $100 per barrel to around $55 in a short period of time.

U.S. frackers lost market share because the Saudis, who were once the "swing producer" in the oil world, made it too expensive for them to continue drilling for additional supplies.

As the desire to disrupt U.S. shale production intensified, Russia boosted its own production.

In 2020, U.S. crude oil output reached a modern peak of more than 12 million barrels per day, despite production continuing to grow throughout the year.

The U.S. emerged as the dominant force in global energy production, surpassing Saudi Arabia as the world's largest oil producer and Russia as the world's largest natural gas producer.

The surge of U.S., Saudi, and Russian output eventually led to a collapse in oil prices, which was further intensified by the emergence of Covid.

The pandemic in early 2020 caused oil prices to collapse, reaching a low of below $0 per barrel in the futures market at one point.

Due to the decline in shale production, shale producers reduced their output and postponed or cancelled their planned drilling projects.

Some firms went bankrupt, merged, or prioritized returning capital to shareholders instead of investing in new projects.

The recent spike in prices

Recently, oil prices have surged above $100 per barrel due to Russia's invasion of Ukraine and the ongoing threat of sanctions against Moscow.

Recently, U.S. oil production has experienced a significant increase, and it is predicted that output will reach 12 million barrels per day in 2022, as stated by the U.S. Energy Information Administration.

To accurately reflect history and the facts, it is more accurate to attribute the decline in U.S. output to the actions of the Saudis and the Russians, rather than a single cancelled project that has a minimal impact on overall energy production.

A coherent national energy policy is necessary to maintain control over America's energy future and reduce the influence of its enemies.

Our leadership should not be blamed for our problems; rather, it is our enemies who are responsible.

— Ron Insana is a CNBC contributor and a senior advisor at Schroders.